On april 1 of the current year, morgan jones established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $60,000 in exchange for common stock. purchased office supplies on account, $1,800. received cash from fees earned for managing rental property, $22,300. paid rent on office and equipment for the month, $7,000. paid creditors on account, $1,100. billed customers for fees earned for managing rental property, $3,600. paid automobile expenses for month, $750, and miscellaneous expenses, $1,000. paid office salaries, $4,000. determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. paid dividends, $5,000. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank.

Aldrich and co. sold goods to donovan on credit. the amount owed grew steadily, and finally aldrich refused to sell any more to donovan unless donovan signed a promissory note for the amount due. donovan did not want to but signed the note because he had no money and needed more goods. when aldrich brought an action to enforce the note, donovan claimed that the note was not binding because it had been obtained by economic duress. was he correct? [aldrich & co. v. donovan, 778 p.2d 397 (mont.)]

You have $5,300 to deposit. regency bank offers 6 percent per year compounded monthly (.5 percent per month), while king bank offers 6 percent but will only compounded annually. how much will your investment be worth in 17 years at each bank

Speedy auto repairs uses a job-order costing system. the company’s direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics’ hourly wages. speedy’s overhead costs include various items, such as the shop manager’s salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. the company applies all of its overhead costs to jobs based on direct labor-hours. at the beginning of the year, it made the following estimates: direct labor-hours required to support estimated output 20,000 fixed overhead cost $ 350,000 variable overhead cost per direct labor-hour $ 1.00 required: 1. compute the predetermined overhead rate. 2. during the year, mr. wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. the following information was available with respect to his job: direct materials $ 590 direct labor cost $ 109 direct labor-hours used 6